How AI is Accelerating the Clamp Down on Complex Mule Accounts

Money mule activity, in which a person transfers or moves illegally acquired money on behalf of someone else, is a significant and growing challenge for banks. In a recent study, the UK’s Financial Conduct Authority highlighted that fraud now accounts for 40% of all crime, and that the role of money mule networks in enabling fraud is growing. UK firms reported more than 39,000 accounts linked to mule activity in 2022.

For compliance functions, the growth in the use of mule accounts is an operational challenge, threat to resilience, and regulatory headache. Operationally, mules add layers of distance between crime victims and criminals, making it harder for compliance teams to accurately trace money trails.

In this ebook, you’ll learn:

• The complex pressures driving change in the industry

• The challenges banks face around money mule fraud

• A new approach to effective mule account detection

• How banks can get started in combating fraud and detecting mule accounts